Question

$600 is deposited at the beginning of each month in an account that earns 4.8% interest,...

$600 is deposited at the beginning of each month in an account that earns 4.8% interest, compounded monthly. How long will it take until the value of the account is $150,000?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose a savings account earns 3% interest compounded monthly. After the first month $100.00 is deposited...
Suppose a savings account earns 3% interest compounded monthly. After the first month $100.00 is deposited into the account. Each subsequent month the deposit increases by 1%. Thus, in month 2, $101.00 is deposited, and in month 3, $102.01 is deposited. Find the account balance after 2 years if initially there is $400 in the account.
1. If $1,000 is deposited at the end of each month and earns 9% compounded monthly,...
1. If $1,000 is deposited at the end of each month and earns 9% compounded monthly, will it take more than 42 months or less than 42 months for the total value of the deposits to reach a value of $50,000? 2. What is the approximate annual rate of interest will result in an investment doubling in value in eight years? 3. A $15,000 loan requires payments at the end of each month for five years. If the interest rate...
1/ You deposit $3000 at the beginning of each year into an account earning 5% interest...
1/ You deposit $3000 at the beginning of each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years? 2/Suppose you want to have $400,000 for retirement. Your account earns 7% interest compounded monthly. If you deposit $200 at the end of each month, how long will it take you to reach your goal? Round to the nearest year.
If $8000 is deposited at the end of each half year in an account that earns...
If $8000 is deposited at the end of each half year in an account that earns 6.7% compounded semiannually, how long will it be before the account contains $130,000? (Round your answer to one decimal place.) Find the future value of an annuity due of $900 each quarter for 8 1/2 years at 11%, compounded quarterly .
If $4000 is deposited at the end of each half year in an account that earns...
If $4000 is deposited at the end of each half year in an account that earns 6.1% compounded semiannually, how long will it be before the account contains $100,000? (Round your answer to one decimal place.)
If $3000 is deposited at the end of each half year in an account that earns...
If $3000 is deposited at the end of each half year in an account that earns 6.4% compounded semiannually, how long will it be before the account contains $120,000? (Round your answer to one decimal place.) yr -
An individual deposited $3000 at the beginning of each year into an IRA account which earns...
An individual deposited $3000 at the beginning of each year into an IRA account which earns 7% compounded quarterly. If the payments began on January 1, 2020 and will end on January 1, 2045, determine the balance on January 1, 2046. ($227,118.93) Cannot use Excel.
$3,500 is deposited at the end of each quarter in an account that earns 6% compounded...
$3,500 is deposited at the end of each quarter in an account that earns 6% compounded quarterly until $100,000 has accumulated in the account. This scenario describes the  ---Select--- Future Value of an Annuity Due Future Value of an Ordinary Annuity . From the formula in the textbook, all values are known, except for  ? R S i n . After how many quarters will the account contain $100,000? (Round your answer UP to the nearest quarter.)
For 8 years, $97 is deposited each week into an account that earns 2.1% interest, compounded...
For 8 years, $97 is deposited each week into an account that earns 2.1% interest, compounded weekly (52 times a year). The account currently has $300 in it. How much will be in the account after 8 years? Round your answer to two decimal places if rounding is necessary. There is a $ sign next to the answer box, so do not type a $ sign in your answer
If $3500 is deposited at the end of each quarter in an account that earns 4%...
If $3500 is deposited at the end of each quarter in an account that earns 4% compounded quarterly, after how many quarters will the account contain $80,000? (Round your answer UP to the nearest quarter.)